Naira Trades For N187 To Dollar — Highest Fall In 5 Years

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The Nigerian Naira has experienced its highest fall in about 5 years - from N177 to N187 per dollar.

The massive fall by 4% percent sees a dollar exchanged at N187.05 at the interbank foreign exchange market as at today, Wednesday, 17th December 2014.

According to foreign exchange market dealers and experts, the fall is caused by the Central Bank of Nigeria announcing that its Wednesday’s auction at the Retail Dutch Auction System window was the last for the year.

Following the announcement, traders and importers, who were unable to access the RDAS window, surged to the interbank forex market to place their demand.

This reportedly led to a huge demand for the greenback at the interbank market, forcing the interbank rate to close at 187.05, down from 180.50 on Tuesday.

The CBN has however stated that the official window of the foreign-exchange auctions would reopen on January 5, 2015.